Verod Capital acquires minority stake in Nigeria's Greensprings Educational Services
Verod Capital Management, a leading private equity firm based in Nigeria, has agreed to acquire a minority stake in Greensprings Educational Services.
The fund manager said the investment – which will be executed through its Oreon Education investment vehicle – will enable Greensprings restructure its capital base and fund growth initiatives.
Founded in 1985, Greensprings provides pre-primary, elementary, secondary and post-secondary schooling for both day and boarding students. The school has a blended curriculum that prepares students for both local and international entrance exams. Greensprings' campuses in Anthony and Lekki (both in Lagos, Nigeria) has grown from 3 to 2,270 students.
Verod said its Oreon Education vehicle was set up to take advantage of the continued growth in demand for quality K‐12 education in West Africa. The private equity firm said Nigeria possesses an attractive market for K-12 education given the country's demography, growing middle class, and inadequacies of public education.